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Ministry of Corporate Affairs to Counter ED on JSW Steel BPSL Matter-2020 China(Guangzhou) Int’l Laser Equipment and Sheet Metal Industry Exhibition
3/2/2020 钣金展-激光展- Laser expo, Sheet Metal Industry expo |
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Financial Express reported that the Ministry of Corporate Affairs is likely to counter the Enforcement Directorate’s contention that preferred bidder JSW Steel cannot seek to ring-fence Bhushan Power and Steel Limted and its assets after take over since Section 32A of the Insolvency and Bankruptcy Code does not apply retrospectively. Discounting ED’s contention as baseless, a senior government official said that the ED was perhaps interpreting Section 32A in isolation; while the MCA would take into consideration various other provisions of the IBC to interpret Section 32A.
In its affidavit to the National Company Law Appellate Tribunal (NCLAT) submitted on January 17, the ED said since the amendment came into force after JSW Steel’s resolution plan was approved, JSW Steel cannot seek benefits accrued under the Section. JSW Steel’s resolution plan for BPSL was approved by the National Company Law Tribunal on September 5, 2019; while Section 32A was notified on December 28, 2019.
The ED had in October 2019 attached BPSL assets worth over Rs 4,000 crore in connection with a money-laundering probe.
钣金展-激光展-2020年第二十一届广州国际激光设备及钣金工业展
-2020 China(Guangzhou) Int’l Laser Equipment and Sheet Metal Industry Exhibition
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